10th Mar 2016 17:11
LONDON (Alliance News) - Worldview Capital Management SA's Sunny Hill Ltd on Thursday said its Worldview Economic Recovery Fund has acquired the majority of the senior debt owed by Petroceltic International PLC, which is currently under protection from its creditors.
Worldview Economic Recovery Fund has acquired 69% of Petroceltic's outstanding senior debt at a significant discount to face value. At close of business on Wednesday, the total amount owed by Petroceltic was USD232.5 million, meaning Worldview Economic Recovery Fund has bought around USD160.4 million of the debt.
Worldview is planning to approach Petroceltic and the interim examiner appointed to the company this week by the Irish Court with a proposal to restructure the senior debt facility, as part of a wider restructuring of Petroceltic's finances.
The restructuring could result in a significant proportion of the outstanding debt being converted into Petroceltic shares.
Petroceltic shares are currently suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
PCI.L